CBLT Receives Payment FOR Chilton Cobalt
CBLT RECEIVES PAYMENT FOR CHILTON COBALT
(Burlington, ON. July 25, 2022) Further to its June 13, 20 22 press release , CBLT Inc. (CBLT:
TSX-V) (“CBLT”) announces that it has received the payment required under the option
agreement (the “Option”) with PowerStone Metals Corp. (the “Optionee”), a private British
Columbia corporation, with respect to CBLT’s 100% owned Chilton Cobalt property (“Chilton
Cobalt”).
The payment to CBLT is one million (1,000,000) special warrants (the “Warrants”). It is
expected that the Warrants w ill convert into common shares of the Optionee for no additional
consideration at the earlier of (i) the Optionee clearing a prospectus with Canadian securities
regulators and becoming a reporting issuer, and (ii) December 31, 2023 . Of the one million
common shares that should result from the Warrants, CBLT intends to declare a dividend to its
shareholders of seven hundred and fifty thousand (750,000) common shares or the Warrants
themselves, on a pro rata basis. The timing of declaring and paying the dividend are subject to
discussion between CBLT and the Optionee.
The Optionee has expressed its intention to have its shares listed on a recognized Canadian stock
exchange. The Option pro vides that if the Optionee’s shares are not listed o n such an exchange
by September 30, 2023, then the Optionee will issue to CBLT a further 500,000 (five hundred
thousand) shares from the Optionee’s treasury.
“CBLT’s receipt of the payment moves Chilton Cobalt closer to further exploration,” said Peter
M. Clausi, CBLT’s CEO. “We’ve been advised that the Optionee’s contemplated financing is
proceeding well and expect to soon see some activity in the field.”
Chilton Cobalt
Chilton Cobalt consists of nine claims totaling 497 hectares (almost five square ki lometers) in
Quebec, Canada, located 40 kilometers east of Saint -Jovite, Quebec, roughly a one hour’s drive
north of Montreal. Chilton Cobalt is easily accessible by highway and is close to mining
infrastructure.
Work carried out by CBLT and reported Sept ember 18, 2017 included the collection of 51 rock
grab samples as well as completion of a 649 -sample soil geochemistry grid and a 27 line -
kilometer VLF-EM survey. The collective data identified two linear Co-Ni-Cu anomalies that are
coincident with strong VLF-EM conductors, both of which are centered over the historical
showings.
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
@ClausiPeter
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TSX Venture Exchange) accepts responsibility for the adequacy or accurac y of this release.
This news release contains certain statements that constitute forward -looking statements as they relate to CBLT and
its management. Forward-looking statements are not historical facts but represent management's current expectation
of future events, and can be identified by words such as "believe", "expects", "will", "intends", "pla ns", "projects",
"anticipates", "estimates", “should”, "continues" and similar expressions. Although management believes that the
expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will
prove to be correct or will come to pass.
By their nature, forward -looking statements include assumptions and are subject to inherent risks and uncertainties
that could cause actual future results, conditions, actions or events to differ materially from those in t he forward-
looking statements. If and when forward -looking statements are set out in this new release, CBLT will also set out
the material risk factors or ass umptions used to develop the forward -looking statements. Except as expressly
required by applicabl e securities laws, CBLT assumes no obligation to update or revise any forward -looking
statements. The future outcomes that relate to forward -looking statement s may be influenced by many factors,
including but not limited to; SARS -CoV-2; reliance on key per sonnel; the performance of the Ciscom Corp.
leadership team; shareholder and regulatory approvals; First Nations and other local communities; jurisdictional
risk; risks of future legal proceedings; income tax matters; availability and terms of financing; d istribution of
securities; commodities pricing; environmental issues; forest fires and other natural phenomena; rising costs related
to inflation; effect of m arket interest on price of securities; failing to identify an economically viable mineral
deposit; and, potential dilution.
CBLT’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a
contagious disease, including the recent outbreak of illness caused by COVID -19. It is not possible to accurately
predict the impact COVID -19 will have on operations and the ability of others to meet their obligations, including
uncertainties relating to the ultimate geograph ic spread of the virus, the severity of the disease, the duration of the
outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In
addition, a significant outbreak of contagious diseases in the human po pulation could result in a widespread health
crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic
downturn that could further affect operations and the ability to finance its operations .